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CAD Assets Fluctuate With FOMC Deliberations

CANADA
  • Canadian assets fluctuated with the FOMC statement/SEP and press conference but ultimately sit with USDCAD little changed from shortly before the decision and a limited widening in the 2Y Can-US yield differential to -51bp, still within recent ranges.
  • USDCAD trades ~1.354, back near enough unchanged on the day, with CAD continuing to underperform along with NZD amidst broader modest USD weakness.
  • A session high of 1.3612 after the SEP was only back to levels just prior to the US CPI miss, not troubling resistance at 1.3700 (Dec 7 high). On the flipside, a move through the session low of 1.3519 could open support at 1.3481 (former trendline resistance).
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